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_____ the Following Condensed Balance Sheet Is Presented for the Partnership

Question 25

Multiple Choice

_____ The following condensed balance sheet is presented for the partnership of Alexa, Bell, and Graham, who share profits and losses in the ratio of 6:2:2, respectively:
_____ The following condensed balance sheet is presented for the partnership of Alexa, Bell, and Graham, who share profits and losses in the ratio of 6:2:2, respectively:   The partners agree to liquidate the partnership after selling the other assets. The other assets are sold for $160,000. How should the available cash be distributed? A)  Alexa, $100,000; Bell, $100,000; Graham, $20,000. B)  Alexa, $25,000; Bell, $75,000; Graham, $ -0-. C)  Alexa, $28,000; Bell, $76,000; Graham, $ -0-. D)  Alexa, $26,000; Bell, $74,000; Graham, $ -0-. E)  None of the above. The partners agree to liquidate the partnership after selling the other assets. The other assets are sold for $160,000. How should the available cash be distributed?


A) Alexa, $100,000; Bell, $100,000; Graham, $20,000.
B) Alexa, $25,000; Bell, $75,000; Graham, $ -0-.
C) Alexa, $28,000; Bell, $76,000; Graham, $ -0-.
D) Alexa, $26,000; Bell, $74,000; Graham, $ -0-.
E) None of the above.

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